In his spring statement, UK Finance Minister Rishi Sunak has confirmed on Wednesday that fuel taxes in the UK would be reduced by £0.05 per liter as expected.
the cutout will be maintained until March 2023 and will take effect from 18:00GMT on Wednesday.
I know estimates that the tax relief is around 5,000 million pounds sterling in total.
Sunak has also announced a further increase to the National Insurance payment threshold, raising it by £3,000 this year to bring it in line with the Income Tax threshold, meaning workers in the UK can earn just over £12,500. GBP without paying any Income Tax or National Insurance. Raising the threshold will add around £6bn to the economy per year.
Source: Fx Street
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